Introduction

Not for three decades has interest in the energy sector, and the role that energy plays in the economy and society more widely, been at such a high level. Although the world has changed hugely during that time, the anxieties that have driven energy to the top of the policy agenda are remarkably unchanged. Concerns about ‘peak oil’ in the early 21st century echo concerns about oil depletion prompted by the 1970s oil crises. In both periods, concerns have given rise in some quarters to prophecies of crisis, if not catastrophe, such that the functioning of modern society is seen as being fundamentally challenged. The concentration of energy resources in a limited number of countries has been seen as a problem in itself. The 1970s oil crises partly reflected the capacity of OPEC countries to act in a concerted manner. In Europe at least, the concentration of gas supplies in Russia and the limited number of transit routes have caused a similar anxiety.